If a buy-to-let property is in a reasonable condition and is located in an area of high demand, then you can expect the property to sell relatively quickly, even in the current London market, where sales are slow. But if the property is looking a little shabby after years of being let out to tenants, then there are smaller things you can do to improve the property’s prospects in the eyes of potential buyers, thereby encouraging a faster sale.
Your first job is to consider who might buy the property. Who is your target buyer? Once you have given this question some thought, you can make small changes in the property to ensure it appeals to your target buyer.
This is a way of depersonalising the property so that, when potential buyers attend a viewing, it will be easier for them to imagine living in the property themselves. By removing any clutter and personal or tenant’s possessions, and making sure the property is as tidy and presentable as possible, you’ll be paving the way for others to picture themselves living in it. You might, however, been keen to sell the property to another landlord who wants to let it out. But the same rules would apply – a clean canvas is best.
Remodelling or drastic renovation work is not usually necessary just prior to putting a property on the market. You may well recoup the funds you forked out for the work, but on the other hand, the amount added to the value of the property as a result of the work may not be worth all the weeks or months of stress at having to oversee it. Instead, aim to refurbish and redecorate where needed, and make sure the property is spotlessly clean. This may involve cleaning the carpets and curtains or blinds, repainting the skirting boards, walls, doors and front door, and cleaning the windows.
With all the effort you make to improve the indoors, it can be easy to neglect or even forget about the outdoors. What can be improved? The windows, the front door, the brickwork/facade, the yard area or garden? Don’t leave this until the last minute, as though the individual jobs may be minor, they can be more time-consuming than you might think.
Aim to kickstart the conveyancing early, so decide on your solicitor in advance if possible. This will help you later on down the line when you’ll be more likely to be in a state of readiness when an offer is accepted.
Neil is the Operations Director at Assetgrove Lettings, London's Leading Rent Guarantee Company, providing Landlords with no voids, property maintenance, fee-free property management and stress-free service.
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